Our strategy is simple, but definitely not easy. We seek to purchase, at a rational price, a part interest in an easily understood business whose earnings are virtually certain to be materially higher five, ten, twenty years from now.
These companies tend to look after shareholder interests and pay a growing dividend. We value simplicity and predictability. When we find one that qualifies, we try to buy a meaningful amount of stock, whilst ensuring we remain sufficiently diversified — though we also love optionality, and look for it as a bonus in the business model.
Concentrated ownership in businesses we understand, bought at a rational price and held for the long term.
Direct investments in operating companies and real estate holdings, with our current focus on the Asia Pacific region.
Millennial Capital invests its own capital. There are no external limited partners and no fixed fund life — our time horizon is set by the businesses we own, not by a redemption calendar.
Whilst we look for great companies we can hold, ideally, forever, we recognise additional alpha can be generated through optimal timing and momentum. Situational awareness is critical here, and relative strength is a core part of the strategy.
We take a top-down approach — starting broad and narrowing with conviction.
Is the overall market bullish? We start by reading the health of the market as a whole before looking anywhere closer.
Which themes are working right now? When a theme is hot, most stocks within it move together — and it should not be a flash in the pan.
Within a theme we want exposure to, we narrow down to specific stocks that meet our criteria.